S&P Gets a Taste of Coinbase 🪙
Digital Asset Dispatch - Edition #2 (May - 2025)
🚨 Welcome to Digital Asset Dispatch - where you follow the flows, the code, and the power moves shaping digital finance.
This past month didn’t scream. It signalled. Through new licenses, upgraded rails, and shifting market structures, we saw the space tighten up and stretch out — all at once.
✔️ Stablecoins got closer to core financial plumbing.
✔️ Global platforms went border-hopping with regulatory passports in hand.
✔️ Financial giants leaned harder into the asset class they once ignored.
We're here to unpack the undercurrents, filter the noise, and give you the clearest snapshot of what just changed - and what’s coming next.
👇 Let’s dive in.
Wanna get this alpha straight to your inbox every month?
This Month’s Dispatch:
📌 Thread of the Month – One thread that lit up the feed.
🔟 Top 10 Moves – The biggest headlines, no fluff.
📊 Blocks, Trends & Breakdown—Segment by Segment!
📚 Read & Recharge – Curated reports to keep you sharp.
📌 The Crypto Bill Everyone’s Watching
The US just took a giant leap toward crypto regulatory clarity, and the market’s paying attention.
The GENIUS Act is shaping up to be one of the most important pieces of crypto legislation we’ve seen in years. And here’s why it matters:
It hands primary oversight of digital assets to the CFTC, not the SEC - a move the industry has long lobbied for, especially to avoid securities-based crackdowns on tokens.
It sets the stage for clear asset classification, potentially ending the turf war between agencies that’s kept projects, investors, and institutions in limbo.
It signals bipartisan traction, which means this isn’t just a proposal to score points. It has real momentum.
It could define the next decade of US crypto policy, influencing how protocols launch, how exchanges operate, and how capital flows in and out of the space.
While the headlines scream “CFTC vs SEC,” there’s more happening beneath the surface - this is also about who controls the digital asset narrative, infrastructure, and innovation window in the US.
📸 We've got a killer thread that cuts through the noise and breaks it all down - clear, concise, and a little spicy (just how we like it).
👉 Read the full thread
🚀 Like what you’re seeing? Don’t miss a beat—get the next Digital Asset Dispatch straight in your inbox.
Edition #2 just dropped - tracing the calm, the capital, and the code beneath the noise.
Here's the TL;DR:
10 Stories That Moved the Market in April 2025
Stablecoins Are Growing Up
⇾ Stripe unveiled a new money management product powered by stablecoins, allowing users to store funds and move money globally with near-instant settlement.
⇾ The Hong Kong Monetary Authority passed a bill establishing a regulatory regime for fiat-backed stablecoin issuers.
TradFi Gives Crypto a Seat
⇾ JPMorgan allowed its wealth management clients to directly access Bitcoin through its internal platform.
⇾ Coinbase was officially added to the S&P 500 index, making it the first crypto-native company to enter the elite club of America’s largest public firms.
Regulated Expansion Goes Global
⇾ Gemini received approval under the MiFID II regulatory framework via Malta, allowing it to offer crypto derivatives throughout the European Economic Area.
⇾ Robinhood expanded into Canada by acquiring WonderFi, a local crypto exchange, in a $179M deal.
Infrastructure for the Next Phase
⇾ R3 and Solana Foundation joined forces to bring R3’s financial institution clients and tokenised real-world assets onto the Solana blockchain.
⇾ Ethereum’s long-awaited Pectra upgrade officially went live, enhancing transaction efficiency and tightening protocol-level performance.
Trust and Utility for the Masses
⇾ Mastercard and MoonPay teamed up to launch a crypto payments card that lets users spend stablecoins at any merchant that accepts Mastercard.
⇾ Coinbase offered a $400M payout to customers affected by a past data breach, signalling a shift towards accountability.
Stablecoins and Tokenised Deposits are moving from pilot phase to prime-time finance. They're faster, regulated, and fast becoming the go-to rails for programmable money.
JPMorgan Chase, Bank of America, Citigroup, and Wells Fargo reportedly are exploring launching a jointly-issued stablecoin, aiming to create a shared digital dollar infrastructure that could compete with existing private stablecoins and offer regulated, bank-backed alternatives.
Societe Generale’s crypto arm planned to launch a dollar-pegged stablecoin on Ethereum, signalling a deeper commitment to public blockchain infrastructure and expanding its tokenised asset offerings with a USD-denominated product.
Visa invested in blockchain payments firm BVNK, reinforcing its long-term bet on stablecoins and aiming to accelerate stablecoin integration into global payment networks for business and cross-border transactions.
Tokenisation of real-world assets is scaling through regulation and local rails. From global expansion to derivatives depth, platforms are playing the long game.
Centrifuge expanded its tokenised real-world asset offerings to Solana, beginning with a $400M tokenised US Treasury fund to bring institutional-grade assets to faster, lower-cost blockchain rails.
Kraken announced plans to list tokenised versions of major US tech stocks, including Nvidia, Apple, and Tesla, enabling global users to access equity-like exposure through blockchain-based assets.
Citi and Switzerland’s SDX partnered to tokenise the $7.5B pre-IPO shares market, aiming to enhance liquidity and transparency in a traditionally opaque asset class using regulated blockchain infrastructure.
Crypto Exchanges and Trading Infrastructures are scaling through regulation and local rails. From global expansion to derivatives depth, platforms are playing the long game.
Crypto.com acquired AllNew Investments to secure a MiFID licence, enabling it to offer regulated crypto derivatives across Europe and expand its institutional product suite within the EEA.
Coinbase acquired crypto derivatives exchange Deribit for $2.9B, strengthening its foothold in the global derivatives market and expanding its reach into options and futures trading.
Binance integrated with Brazil’s Pix real-time payments system, allowing users to instantly deposit and withdraw Brazilian reals, reinforcing its commitment to local payment accessibility in emerging markets.
Kraken launched regulated crypto derivatives trading in Europe, following the acquisition of a MiFID license, allowing it to offer margin products to institutional and professional clients under EU guidelines.
Regulatory and Policy Developments are gaining momentum and clarity. Crypto firms are no longer dodging rules, they’re adapting to win within them.
The Government of Dubai agreed to accept cryptocurrency payments for government services through a deal with Crypto.com, marking a major step toward its vision of a cashless society and advancing public-sector crypto adoption.
The U.S. Office of the Comptroller of the Currency (OCC) clarified that banks can buy and sell customers' crypto held in custody, offering regulatory clarity and opening new doors for crypto activity within traditional banking.
Vivid secured a MiCAR licence in the EU, enabling it to expand its suite of regulated crypto services across Europe and position itself as a compliant digital asset platform under the bloc’s new framework.
Blockchain Infrastructure and Layer Developments are getting bolder and more interoperable. Public networks, private rails, and new capital are reshaping the base layer.
Sam Altman’s Worldcoin project raised $135M in a token sale, securing investment from a16z and Bain Capital Crypto to support the expansion of its identity and financial protocol infrastructure.
Ripple signed two additional payment system customers in the UAE, Zand Bank and Mamo, strengthening its footprint in the Middle East and expanding the adoption of blockchain-powered cross-border settlement solutions in the region.
JPMorgan’s Kinexys platform connected with a public blockchain for the first time, launching a testnet integration on Ondo Chain to explore a hybrid financial infrastructure that bridges private banking systems with public blockchain networks.
Decentralised Finance is navigating volatility with both growth and pressure. As market appetite returns, DeFi models are facing a fresh round of scrutiny.
Aave cryptocurrency surged 24% in a sharp rally, breaking key resistance levels amid renewed market interest in DeFi protocols and growing momentum across the broader crypto ecosystem.
DEX aggregator CoW Swap introduced a collaboration feature and new user rewards, aiming to increase trading activity by 33% through social coordination and enhanced incentive structures.
DeFi savings protocol Sky reported a $5M loss, as interest payments on its USDS stablecoin outpaced revenue, highlighting sustainability challenges in yield-based DeFi models.
Securities, Exploits and Risk Events are defining the fine line between trust and threat. Security, settlement, and reputational risk are now front-and-centre in the digital asset playbook.
Binance and Kraken successfully thwarted social engineering attacks, similar to the exploit that targeted Coinbase, underscoring the growing threat of sophisticated phishing campaigns against major crypto platforms.
FTX announced it will distribute over $5B to creditors, as the bankrupt exchange enters the final phase of its restructuring and prepares for large-scale repayments.
Lido avoided a major exploit after a critical vulnerability was discovered and patched, demonstrating the importance of proactive security and quick developer response in safeguarding DeFi protocols.
The SEC and Ripple reached a $50 million settlement agreement, requesting court approval to finalise the deal and move forward from their long-standing legal battle over XRP's regulatory status.
And that’s a wrap 👋
Hope this edition of Digital Asset Dispatch gave you a front-row seat to the moves, milestones, and mayhem shaping the future of finance. The world of tokens, chains, and digital value never sleeps - and neither do we.
And before you go, we’ve lined up some must-have resources to keep you ahead of the curve and ready for whatever’s next.
If you're hungry for more fintech insights, check out some of our other work at WhiteSight.
If you're someone who likes to read think pieces, you will likely love our monthly blog, Fintersections, where our team members analyse the convergence of fintech with the world.
Fintech research is in the WhiteSight DNA, so if you'd like to get in touch for features, sponsorships, and content marketing services, reach out to us at hello@whitesight.net.
And lastly, to stay updated on everything fintech and web3, follow us on LinkedIn and Twitter, and don't be shy to show some ❤️